CHARLOTTE, N.C. and
GUELPH, Ontario, Sept. 12, 2019 /PRNewswire/ -- Duke Energy
Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding
its solar energy portfolio by acquiring the 200-megawatt (MWac) /
266-megawatt peak (MWp) Rambler solar project from Recurrent
Energy, a wholly-owned subsidiary of Canadian Solar
Inc. ("Canadian Solar") (NASDAQ: CSIQ). The project will be
located in Tom Green County, Texas
and is expected to achieve commercial operation in mid-2020.
The energy generated from the Rambler solar project will be sold
to a customer under a 15-year agreement. The 200-MWac project will
utilize more than 733,000 of Canadian Solar's high efficiency
bi-facial BiKu modules across approximately 1,700 acres
west of San Angelo, Texas. Rambler
will power the equivalent of 40,000 homes, and Duke Energy
Renewables will provide long-term operations and maintenance
services to the project.
"We're pleased to continue our expansion of solar energy
resources in Texas, which is
seeing increasing demand for power," said Rob Caldwell, president of Duke Energy
Renewables. "In addition to generating clean energy, this project
will also bring significant economic benefits to the state."
The project is expected to employ 400 workers at peak
construction. Along with indirect economic benefits that accompany
solar project development – such as increased local spending in the
service and construction industries – Rambler will also directly
provide several million dollars to Tom
Green County and to the local school district over the
40-year life of the project.
"With over one gigawatt of contracted projects in ERCOT's
service territory, we are proud that Recurrent Energy continues to
lead solar energy development in Texas, one of the fastest growing U.S. states
for the solar industry," said Shawn
Qu, chairman and CEO of Canadian Solar. "It has been our
pleasure to rekindle our long relationship with Duke Energy
Renewables' talented team through this strategic transaction."
The Rambler solar project, which is the fifth acquisition by
Duke Energy Renewables this year, will be the company's fourth
solar generation facility in Texas. The Rambler project also represents one
of seven large-scale projects in Recurrent Energy's development
portfolio within the state.
Canadian Solar expects to recognize the majority of the revenue
from the sale of the project in the third quarter of 2019.
Since 2010, Duke Energy and Recurrent Energy have now partnered
on six solar projects, including four equity transactions. Duke
Energy has also purchased equity stakes in solar projects developed
by Recurrent Energy that include Ajo and Bagdad located in Arizona and the Sunset Reservoir project
located in San Francisco. Duke
Energy subsidiaries have also purchased electricity from the North
Carolina IS-42 and NC 102 projects, for which Recurrent Energy
played a development or construction oversight role.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy
storage project developer, delivering competitive, clean
electricity to large energy buyers. Based in the U.S., Recurrent
Energy is a wholly owned subsidiary of Canadian Solar Inc. and
functions as Canadian Solar's U.S. project development arm.
Recurrent Energy has approximately 7 GW of solar and storage
projects in development in the U.S. Additional details are
available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and
foremost solar power companies. It is a leading manufacturer of
solar photovoltaic modules and provider of solar energy solutions
and has a geographically diversified pipeline of utility-scale
power projects in various stages of development. Over the past 18
years, Canadian Solar has successfully delivered over 36 GW of
premium quality modules to customers in over 150 countries around
the world. Canadian Solar is one of the most bankable companies in
the solar industry, having been publicly listed on NASDAQ since
2006. For additional information about the Company, follow Canadian
Solar on LinkedIn or visit www.canadiansolar.com.
Duke Energy Renewables
Duke Energy Renewables, a nonregulated unit of Duke Energy,
operates wind and solar generation facilities across the U.S., with
a total electric capacity of 3,000 megawatts. Duke Energy is one of
the nation's top renewable energy providers – on track to own or
purchase 8,000 megawatts of wind, solar and biomass energy by 2020.
The power is sold to electric utilities, electric cooperatives,
municipalities, and commercial and industrial customers. The unit
also operates energy storage and microgrid projects. Visit Duke
Energy Renewables for more information.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., is one of the
largest energy holding companies in the U.S. It employs 30,000
people and has an electric generating capacity of 51,000 megawatts
through its regulated utilities, in addition to Duke Energy
Renewables' capacity.
Duke Energy was named to Fortune's 2019 "World's Most Admired
Companies" list, and Forbes' 2019 "America's Best Employers" list.
More information about the company is available at duke-energy.com.
The Duke Energy News Center contains news releases, fact sheets,
photos, videos and other materials. Duke Energy's illumination
features stories about people, innovations, community topics and
environmental issues. Follow Duke Energy on Twitter, LinkedIn,
Instagram and Facebook.
Canadian Solar's Safe Harbor/Forward-Looking
Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; delays in
the completion of project sales; continued success in technological
innovations and delivery of products with the features customers
demand; shortage in supply of materials or capacity requirements;
availability of financing; exchange rate fluctuations; litigation
and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on April 25, 2019. Although the Company believes
that the expectations reflected in the forward looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Cautionary Language Concerning Forward-Looking
Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are based on management's beliefs and assumptions. These
forward-looking statements are identified by terms and phrases such
as "anticipate," "believe," "intend," "estimate," "expect,"
"continue," "should," "could," "may," "plan," "project," "predict,"
"will," "potential," "forecast," "target," "outlook," "guidance,"
and similar expressions. Various factors may cause actual results
to be materially different than the suggested outcomes within
forward-looking statements; accordingly, there is no assurance that
such results will be realized. These risks and uncertainties are
identified and discussed in Duke Energy's Form 10-K for the year
ended December 31, 2018, and
subsequent quarterly reports filed with the Securities and Exchange
Commission ("SEC") and available at the SEC's website at
www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than Duke Energy has described. Duke Energy
expressly disclaims an obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Canadian Solar Inc. Contacts
Ed Job
Managing Director, Investor Relations
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Relations
Jesse Prier
Manager, Marketing & Communications
Tel: +1-415-814-1067
PR@RecurrentEnergy.com
Duke Energy Media Relations
Jennifer Garber
Corporate Communications
Tel: 980.373.0668
24-Hour Tel: 800-559-3853
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SOURCE Canadian Solar Inc.